We talk a lot about the benefits of long term care insurance here at Kaia Insurance Group. It is one form of insurance that almost everyone needs, but very, very few people have.
Long term care insurance provides cash to cover costs associated with long term care. For example, if you have an at-home nurse, long term care insurance can help pay for that nurse so that you do not have to pay out of pocket. If you need a nursing home, long term care insurance can provide that as well.
These are services typically not covered by traditional Medicare or health insurance. But some of these services can be covered by Medicaid. Why would someone want to consider long term care insurance if Medicaid might cover these services?
About Medicaid
Medicaid is healthcare covered that is provided solely to those with low or no income and low or no assets. It can be an amazing, life saving program. But it is also not something you want to depend on. That is because:
- Medicaid Requires No Assets or Asset Liquidation – Medicaid does not even kick in until the majority of your assets are gone. Cash, retirement, even part of your home’s equity needs to be used up before you qualify. That means that you’ll have to continue to liquidate your assets just to qualify for Medicaid, and – once you do – you may have no assets of your own, and may not be able to pass any down to your children.
- Medicaid Has Limitations – Not all long term care is going to be paid for by Medicaid. For example, Medicaid would not cover some of the home services that people need, nor do all high end nursing homes and facilities accept Medicaid. Texas has also refused Medicaid expansion, leading to less coverage than other states. Many doctors do not accept Medicaid as well.
- Longer Wait Times – Medicaid, because of its limitations, often has longer wait times and makes finding a medical provider far more difficult and less in your control.
- Medicaid Can Become a Loan – Medicaid also is, in many ways, a loan. Once you pass, Medicaid will try to reimburse some of its losses through your equity, for example, reducing how much will pass down to any heirs.
Medicaid eligibility also changes and can be affected by state and federal governments. That means your eligibility can be taken away at any moment. Long term care insurance, among other programs, can help reduce the risk that this occurs when you need it most.
Obtain Long Term Care Insurance, Today
LTC Insurance is one of the best tools we have to make sure that we can receive any long term care that we need. But most people in Texas do not have it. If you’re in Houston, Conroe, Austin, or anywhere in the state, reach out to Kaia Insurance Group today to learn more about our long term care insurance and the other insurance services we can provide.
